There are different types of cryptocurrencies in the world, and there are also different types of their mining. Miners race to solve a math puzzle, and the first person to solve it is rewarded with virtual coins.
Features of Monero
It is worth saying a little about the coin itself, because Monero mining is different from Bitcoin, although it also uses the Proof-of-Work method, it is easier to mine. Note that Monero is a popular cryptocurrency for those who want to remain anonymous and can make faster transactions (especially when they are small).
A nice bonus to everything – it can use “normal computers” effectively for mining links, which gives it huge popularity among the holders.
Anonymity
The most notable difference between Bitcoin and Monero is its complete anonymity. When a digital trade participant carries out the movement of bitcoins, they can be easily traced to the subscriber’s transactions, for example, on the BlockExplorer website.
This means that it is possible to track all completed transactions and every payment of all participants in the crypto trading market.
Monero always uses privacy features for its transactions. When someone sends Monero, it is impossible to track who transferred the funds. And since the wallet address is unknown, there is no way to know what transactions are being made by the traders.
But transactions within a bitcoin block are an open ledger.
Mining
XMR mining is independent of specialized integrated circuits (ASICs) and can be performed with any processor and video card. It is possible to mine this cryptocurrency in the cloud.
Without an ASIC, it is practically impossible to use a regular computer to participate in the Bitcoin development process.
Monero’s development algorithm does not support ASICs as it was designed to attract more “small” nodes rather than relying on multiple farms and mining pools.
The advantage of Monero over Bitcoin that give Monero its popularity among miners is the adaptable block size.
This means that it does not take that long for transactions to enter a later block.
The total emission of Monero, unlike BTC, is not limited (which can be either + or -).
The predictions of most cryptanalysts agree on one thing XMR is a rather promising digital currency and will only increase its attractiveness in the market in the future.
Block size
The block size of bitcoin is 1 megabyte, and this has long been one of the key problems of cryptocurrency. The Monero block size now averages 113 kilobytes, it is not fixed and can change depending on demand. Plus one point for flexibility.
Growth since the beginning of the year
The growth rates of almost all major cryptocurrencies look equally exorbitant compared to traditional investment vehicles. However, if we look closely, we can see that Monero is slightly ahead of Bitcoin. At the same time, both cryptocurrencies are far from the ether, which has managed to grow by about 3500% since the beginning of the year.
Number of coins in circulation
Bitcoin has a limited emission volume of 21 million coins. Monero has no hard limits: the initial issue is expected to be 18.4 million coins, after which the mining of each block will be paid in the amount of 0.6 XMR.
XMR vs BTC: exchange rates and fees
Monero is currently ranked among the top ten cryptocurrencies in terms of its total capitalization of US $ 4.5 billion. XMR is listed on over 20 exchanges, including the biggest ones like Bitfinex, Poloniex, HitBTC, and Bithumb.
On the other hand, it is difficult to find at least one cryptocurrency exchange that does not trade BTC, and the position of this currency in the market remains undeniable to this day.
The XMR price does not depend on any real assets (like Ripple, Tether, or SONM, for example). Thus, the price is based on the popularity of this coin. It’s the same story with BTC, and its price depends only on supply and demand.
Current Monero (XMR) Transaction Fee: $ 2
Current Bitcoin Transaction Fee (BTC): $ 1.28
Nevertheless, with good hype, commissions grow exponentially.
Maximum BTC Transaction Fee: $ 55
Maximum XMR Transaction Fee: $ 20
